Bitcoin Approaches $45,500 Amid Market Optimism, Altcoins Follow Suit
Summary:
As Wall Street opened on February 8, Bitcoin (BTC) neared $45,500, its highest in a month. Despite the role of leverage traders, who increased interest by nearly $1 billion in less than a day, the market seemed determined to recover losses from Bitcoin's previous dip. Prominent traders further anticipate higher prices if the closing rate goes above $45k. Other alternative cryptocurrencies like Binance Coin (BNB) and Cardano (ADA) also showed a rise, with BNB and ADA up around 8.5% and 10.5% respectively. Meanwhile, Ether traded near $2,450, gaining nearly 7% over the past week.
As Wall Street began trading on February 8, Bitcoin (BTC) hovered near $45,500 revealing an optimistic trend that led to the cryptocurrency reaching its highest value in one month. The gains observed in BTC/USD were continuously robust, building on the preceding day's increase, data from Cointelegraph Markets Pro and TradingView noted. At the time of reporting, the pair had risen by 2.5% within the day, paving the way for main alternative cryptocurrencies to make significant strides.
The speculative role of leverage traders was under scrutiny as they potentially triggered the positive surge. Notably, interest in Bitcoin expanded by almost $1 billion within less than a day. Nevertheless, market actors appeared keen on making up for the losses incurred from Bitcoin's drop from its two-year zenith of $49,000 on January 11.
Jelle, a well-known trader, commented on X (previously Twitter) that if the closing rate goes above $45k, the currency value might climb much higher and urged for maintaining patience. Another trader called Credible Crypto emphasised how the sellers had minimal impact in the market. His post on X highlighted how aggressive short sellers were unable to make a significant dent in the price.
Trader Bagsy conjectured that those who offloaded BTC during the launch of US spot Bitcoin exchange-traded funds (ETFs) in the preceding month might be scrambling to rejoin. Renowned financial commentator Tedtalksmacro earmarked $43,800 as a critical level to maintain should Bitcoin's price drop. He further added that the cryptocurrency should also persistently uphold its 50-day exponential moving average (EMA), now at around $42,330.
Tedtalksmacro explained in his latest YouTube video, "If we're enthusiastic about the prospects, I don't envision the $41,800-$42,000 range being revisited or breached."
Alternative cryptocurrencies are heating up, most notably Binance Coin (BNB) and Cardano (ADA), which appreciated up to 8.5% and 10.5%, respectively. The largest alternative digital currency, Ether (ETH), traded near $2,450, with gains of almost 7% recorded over the previous week.
Popular crypto trader and analyst, Rekt Capital, predicted that the total alternative cryptocurrency market might be on the verge of an "historic breakout". He suggested that Ether's breakout could fuel the next phase of rallies in alternative cryptocurrencies. Simultaneously, certain top ten alternative cryptocurrencies by market capitalization outperformed others in intra-day gains.
This news does not offer investment advice or guidance. All financial maneuvers entail risk, and readers are encouraged to do their research before making any investment decisions.
Published At
2/8/2024 7:53:29 PM
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